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|z 9781451970173
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|a 1934-7456
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|a Borensztein, Eduardo.
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|a Reviving the Case for GDP-Indexed Bonds /
|c Eduardo Borensztein, Paolo Mauro.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2002.
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|a 1 online resource (25 pages)
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|a IMF Policy Discussion Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper seeks to revive the case for countries to self-insure against economic growth slowdowns by issuing GDP-indexed bonds. We simulate the effects of GDP-indexed bonds under different assumptions about fiscal policy reaction functions and their output effects and find that they could substantially reduce the likelihood that debt/GDP paths become explosive. The insurance premium would likely be small, because cross-country comovement of GDP growth rates is low and cross-country GDP growth risk is thus largely diversifiable for an investor holding a portfolio of GDP-indexed bonds. Potential obstacles to the emergence of a market for these bonds include the verifiability of GDP data, the trade-off between insurance and moral hazard, and the need for liquidity. The paper discusses institutional fixes and suggests an approach to attempting to start up a market.
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|a Mode of access: Internet
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|a Mauro, Paolo.
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|a IMF Policy Discussion Papers; Policy Discussion Paper ;
|v No. 2002/010
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/003/2002/010/003.2002.issue-010-en.xml
|z IMF e-Library
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